The Bank Slate


FDIC continues slow work of selling Signature Bank assets

The Federal Deposit Insurance Corp. continues to create entities to sell of assets tied to the failed Signature Bank.

The bridge bank created by the FDIC established two ventures, selling a 5% stake in each to Community Preservation Corp. (CPC), a nonprofit multifamily finance company.

CPC, through two affiliated entities, paid $171 million for the stakes.

The FDIC said the bridge bank contributed a total of roughly $5.8 billion of loans collateralized by rent-stabilized or rent-controlled multifamily properties to the ventures.

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